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Jacobs Engineering Group Inc, which designs highways, bridges and airports, said it would buy rival CH2M Hill Cos Ltd in a $3.27 billion cash-and-stock deal to bolster its reach in the high-margin government services and infrastructure sectors.

According to Reuters, the deal comes at a time when construction and engineering companies in the United States are expected to benefit from President Donald Trump's proposed $1 trillion infrastructure-spending plan.

Dallas, Texas-based Jacobs has a dominant presence in the petroleum and chemicals sector, where it provides consulting, engineering, maintenance and project management services. The deal would more than double Jacobs' revenue from its buildings and infrastructure business.

About 60 percent of the equity value of the $2.85 billion deal would be paid in cash, and 40 percent in Jacobs' common stock, the company said.